Commentary & Deal Flow

IPTs: high 6s-7%

• Issuer: Heathrow Finance plc
• Ticker: HTHROW
• Size: GBP350m
• Format: Reg S
• Security: Senior Secured Notes due 2030
• Expected Issue Ratings: B1 / BB+ (Moody's / Fitch)
• Maturity: 01-September-2030 (4y)
• Optional Redemption: Non-Call Life, MWC, 3mo par call
• Change of Control: CoC at 101
• Denominations: 100k x 1k
• Listing: London Stock Exchange
• Law: English Law
• BNP Paribas (B&D), BofA, ING, JP Morgan: Joint Global Coordinators and Bookrunners
• Barclays, National Australia Bank: Passive Bookrunners
• Settles: 08-July-2026
• Timing: Tomorrow's Business (02-July-2026)
• UOP: GCP
• Biz: Holding company of Heathrow Airport, the UK's largest airport
• Equity Ownership: Ardian 32.6%, Qatar Investment Authority 20.0%, PIF 15.0%, GIC 11.2%, Australian Retirement Trust 11.2%, CIC 10%
  Marketing:
• Investor Call: Global Investor Call on 01-July-2026 at 10:30 UKT. 1-on-1s on the same day.

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